possible government regulations? - page 12.

hajimasan

hero member

Activity: 882

Merit: 500

Quote from: shyich03 on November 03, 2016, 09:51:39 PM

Since bitcoin and other digital currencies are such a game changer for the traditional economics systems, could there be any government policies that can be devastating to this new market? and even if governments in North America or Europe might not be able to do such things, how about policies from other more centralized countries that could bring the same effect?

actually it was considered by some countries that bitcoin is illegal of untrusted but in actual it is a legal and trusted .
some countries have banned it .
but now bitcoin legalisation in clear way is started .
i found a new topic ,it was mentioned that there needs for every user to verify his adress
and multiple adress use needed to use verfied adress .
so it may be new way for development of bitcoin system .

MingLee

hero member

Activity: 490

Merit: 520

Quote from: shyich03 on November 03, 2016, 09:51:39 PM

Since bitcoin and other digital currencies are such a game changer for the traditional economics systems, could there be any government policies that can be devastating to this new market? and even if governments in North America or Europe might not be able to do such things, how about policies from other more centralized countries that could bring the same effect?

There are some policies that can be passed to try and force users of Bitcoin and other digital currencies into either hiding or dropping it all together, but realistically there isn't a lot they can do besides going after exchanges and trying to attack shops and companies that use Bitcoin. It's nearly impossible to attack specific individuals.

milewilda

legendary

Activity: 3094

Merit: 1127

Quote from: South Park on November 04, 2016, 06:48:57 PM

Quote from: shyich03 on November 04, 2016, 09:37:24 AM

Quote from: Zadicar on November 03, 2016, 10:24:51 PM

Quote from: Ziskinberg on November 03, 2016, 10:06:18 PM

There's a regulation that is already functioning for the exchange sites, like in my local exchange,we were required to comply with he KYC Policy and fill up all the information that is necessary. With that rules, we have no choice but to follow and i guess it's just fine because exchange sites are legitimate and they are operating with the license granted by the government.

What I am afraid of to happen, is the time will come that our transaction will be tax..

We cant do anything about that because its been required by the government and exchangers would have no choice but to follow same as you mentioned. Its somehow a good move for exchangers to be registered or legalized because we could assure ourselves on the legitimacy of a certain sites. You said that you were afraid to put or impose taxes on our bitcoin , its an impossible thing to be happen for sure.

Politics and economics have always been so tightly linked to each other. If one day bitcoin and other digital currencies become the main stream and replace centralized currencies, I am guessing there will be changes in government policies as well. After all the nature of bitcoin makes transactions harder to trace, which opens up windows for illegal activities. With this new form of market, the government quite possibly would end up having less and less control.

Any measure that governments or banks may wish to take will come way before bitcoins becomes the dominant currency, since if they wait for too long it will be too late since nothing could stop bitcoin at that point.

I would tell you this bitcoin would never become a dominant currency even how it would rise up on the future. It would remain as a digital currency and nothing can replace fiat in any way. As long bitcoin cant be controlled its not possible that it would be regulated to impose taxes to those who uses it. If government would able to control bitcoin then for sure we are all f*cked up but still im confident that it wont happen.

panju1

legendary

Activity: 1246

Merit: 1000

Quote from: Ziskinberg on November 03, 2016, 10:06:18 PM

There's a regulation that is already functioning for the exchange sites, like in my local exchange,we were required to comply with he KYC Policy and fill up all the information that is necessary. With that rules, we have no choice but to follow and i guess it's just fine because exchange sites are legitimate and they are operating with the license granted by the government.

What I am afraid of to happen, is the time will come that our transaction will be tax..

It is possible that your transactions are already subject to tax, but that is not being enforced adequately. Wink

Governments have an inbuilt idea of taxing everything, unless they specifically exempt certain things.

South Park

hero member

Activity: 2884

Merit: 794

I am terrible at Fantasy Football!!!

Quote from: shyich03 on November 04, 2016, 09:37:24 AM

Quote from: Zadicar on November 03, 2016, 10:24:51 PM

Quote from: Ziskinberg on November 03, 2016, 10:06:18 PM

There's a regulation that is already functioning for the exchange sites, like in my local exchange,we were required to comply with he KYC Policy and fill up all the information that is necessary. With that rules, we have no choice but to follow and i guess it's just fine because exchange sites are legitimate and they are operating with the license granted by the government.

What I am afraid of to happen, is the time will come that our transaction will be tax..

We cant do anything about that because its been required by the government and exchangers would have no choice but to follow same as you mentioned. Its somehow a good move for exchangers to be registered or legalized because we could assure ourselves on the legitimacy of a certain sites. You said that you were afraid to put or impose taxes on our bitcoin , its an impossible thing to be happen for sure.

Politics and economics have always been so tightly linked to each other. If one day bitcoin and other digital currencies become the main stream and replace centralized currencies, I am guessing there will be changes in government policies as well. After all the nature of bitcoin makes transactions harder to trace, which opens up windows for illegal activities. With this new form of market, the government quite possibly would end up having less and less control.

Any measure that governments or banks may wish to take will come way before bitcoins becomes the dominant currency, since if they wait for too long it will be too late since nothing could stop bitcoin at that point.

Doamader

hero member

Activity: 756

Merit: 501

Bitcoin purpose is freedom and low fees betwen transactions, and the most important decentralized crypto, sure we do have whales and big people that may affect bitcoin, but dont control it, taxes will just be a punishement for the costumers, i do agree exchanges must pay something, this way they can make their business and we costumers will feel safe at those, but tax each one of us would make the most just stop using or trading bitcoin, a dark markeplace or localbitcoin would get more power.

Milkduds

full member

Activity: 224

Merit: 100

Quote from: Kevin77 on November 04, 2016, 02:11:18 PM

Quote from: Ziskinberg on November 03, 2016, 10:06:18 PM

What I am afraid of to happen, is the time will come that our transaction will be tax..

It will not be bad if you are allowed to use bitcoin legitimately and the government charges tax. There are countries that do not even allow to use bitcoins, so paying taxes will not be big concern as we have got practice to pay tax for what we earn/buy.

This thinking makes little sense! You correlate paying tax to opening the door for Countries that are banning bitcoin and that is a big unknown.
What is known about government and taxes is they tend to go a little bonkers on the percentage and regulate without understanding what they are regulating.
The idea that it "will not be bad" is the same line they tell people when something bad is about to happen and they do not want you to squirm.

Taxation will not bring freedom for bitcoin to breathe as a global currency,it brings regulations!

Can you explain more on why you think taxing bitcoin equates to more people using bitcoin?

Yakamoto

legendary

Activity: 1218

Merit: 1007

Quote from: shyich03 on November 03, 2016, 09:51:39 PM

Since bitcoin and other digital currencies are such a game changer for the traditional economics systems, could there be any government policies that can be devastating to this new market? and even if governments in North America or Europe might not be able to do such things, how about policies from other more centralized countries that could bring the same effect?

There are definitely some policies they could put forth, however, a lot of it comes down to the willingness of the people who use Bitcoin to follow said regulations. While exchanges might be disrupted, people would find other ways to do things and get what they want. A majority of the users of Bitcoin, beyond the speculators running the market, are likely more fringe-y on the political spectrum, and chances are most don't like the government and would ignore their regulations for the most part.

Kevin77

legendary

Activity: 1652

Merit: 1057

Quote from: Ziskinberg on November 03, 2016, 10:06:18 PM

What I am afraid of to happen, is the time will come that our transaction will be tax..

It will not be bad if you are allowed to use bitcoin legitimately and the government charges tax. There are countries that do not even allow to use bitcoins, so paying taxes will not be big concern as we have got practice to pay tax for what we earn/buy.

Milkduds

full member

Activity: 224

Merit: 100

I know the exchanges need to show paper work regarding the KYC rules but on a person to person level there are some that will transact with you off the record. Fortunately for me there are two near me and one does this and the other I have not looked into so far.
You can always use localbitcoins as well to find people and go right around the dance altogether.
Here in Canada the government moves to slow on these types of issues and never gets their act in gear to actually write rules into law that crack down on people. Take online poker it is frowned upon by the banks but it stays in a gray neck of the woods and has been for quite some time.
I find the banks are usually the harder ones to deal with as government has a hard enough time tracking taxes and messing that up to go into other facets of potential tax earnings or regulation.
Our current Federal government also wants to look like the cool kid on the block and embracing technology is how they can talk to the young kids.
Regulating it would not be a good look for them,its more likely to be something that is thrown into a trade deal or global summit,than actual Canada coming down.

Ayers

legendary

Activity: 2590

Merit: 1022

Leading Crypto Sports Betting & Casino Platform

from what i remember europe already regulated it via vat free, and via exchange control, they need to know every id that is registered and is trading with bitcoin, exchange need to report their database, but if one country hinder bitcoin you always have another one that will help, so i'm not worried about this

clickerz

hero member

Activity: 1414

Merit: 505

Backed.Finance

Quote from: bitbunnny on November 04, 2016, 10:11:40 AM

In the future there probably will be some kind of unique regulation in form of a directive, speaking from the European Union point of view, but not in sense to destroy but regulate the cryptocurrencies market.
All governments are by now aware that they can't stop Bitcoin and other cryptocurrencies, the question is now how will they turn that for their own benefit.

They may let all wallets to be registered? Or registering a wallet would require an ID so that hwy can watch your transaction over the blockchain. In that case,the anonymity is useless.But government are wary of bitcoin is being used in illegal activities and they wanted t regulate it.

dunfida

legendary

Activity: 3122

Merit: 1140

Quote from: shyich03 on November 04, 2016, 09:37:24 AM

Quote from: Zadicar on November 03, 2016, 10:24:51 PM

Quote from: Ziskinberg on November 03, 2016, 10:06:18 PM

There's a regulation that is already functioning for the exchange sites, like in my local exchange,we were required to comply with he KYC Policy and fill up all the information that is necessary. With that rules, we have no choice but to follow and i guess it's just fine because exchange sites are legitimate and they are operating with the license granted by the government.

What I am afraid of to happen, is the time will come that our transaction will be tax..

We cant do anything about that because its been required by the government and exchangers would have no choice but to follow same as you mentioned. Its somehow a good move for exchangers to be registered or legalized because we could assure ourselves on the legitimacy of a certain sites. You said that you were afraid to put or impose taxes on our bitcoin , its an impossible thing to be happen for sure.

Politics and economics have always been so tightly linked to each other. If one day bitcoin and other digital currencies become the main stream and replace centralized currencies, I am guessing there will be changes in government policies as well. After all the nature of bitcoin makes transactions harder to trace, which opens up windows for illegal activities. With this new form of market, the government quite possibly would end up having less and less control.

It would surely changed if these thing would happen on where bitcoin would be the mainstream and the possible effects is on wide ranged as you mentioned government policies would surely changed and more illegal activities would surely rampant because of bitcoins anonymity i think its better to be on this way though thats bitcoin would still remain a digital currency and not the mainstream currency.

MONKEYJUNK

sr. member

Activity: 434

Merit: 250

The problem with a international descentralized currency that don't have a "owner" is it, some countries will allow, some contries will ban...
And it's a bigger scenario, think about all altcoins, not just bitcoin, is a mess.

bitbunnny

legendary

Activity: 2912

Merit: 1068

WOLF.BET - Provably Fair Crypto Casino

In the future there probably will be some kind of unique regulation in form of a directive, speaking from the European Union point of view, but not in sense to destroy but regulate the cryptocurrencies market.
All governments are by now aware that they can't stop Bitcoin and other cryptocurrencies, the question is now how will they turn that for their own benefit.

amacar2

legendary

Activity: 1120

Merit: 1008

CryptoTalk.Org - Get Paid for every Post!

There is possibility like few of the american, european and even china may implement limiation on bitcoin trading however government can't just stop all the bitcoin transactions in their country. So even there may be limitation in trading volume through legal exchanger people will keep on buying selling with face to face deal in local level which can't be regulated for sure.

Legal limitation on local exchanger can surely effect the price as well as use cases of bitcoin in every country.

shyich03

newbie

Activity: 37

Merit: 0

Quote from: Zadicar on November 03, 2016, 10:24:51 PM

Quote from: Ziskinberg on November 03, 2016, 10:06:18 PM

There's a regulation that is already functioning for the exchange sites, like in my local exchange,we were required to comply with he KYC Policy and fill up all the information that is necessary. With that rules, we have no choice but to follow and i guess it's just fine because exchange sites are legitimate and they are operating with the license granted by the government.

What I am afraid of to happen, is the time will come that our transaction will be tax..

We cant do anything about that because its been required by the government and exchangers would have no choice but to follow same as you mentioned. Its somehow a good move for exchangers to be registered or legalized because we could assure ourselves on the legitimacy of a certain sites. You said that you were afraid to put or impose taxes on our bitcoin , its an impossible thing to be happen for sure.

Politics and economics have always been so tightly linked to each other. If one day bitcoin and other digital currencies become the main stream and replace centralized currencies, I am guessing there will be changes in government policies as well. After all the nature of bitcoin makes transactions harder to trace, which opens up windows for illegal activities. With this new form of market, the government quite possibly would end up having less and less control.

pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: shyich03 on November 03, 2016, 09:51:39 PM

Since bitcoin and other digital currencies are such a game changer for the traditional economics systems, could there be any government policies that can be devastating to this new market? and even if governments in North America or Europe might not be able to do such things, how about policies from other more centralized countries that could bring the same effect?

the regulations are usually laws about businesses and same laws about money and conducting business with money and these include laws about the money laundry (i think it is called AML) and other money/ business rules and also there will be taxes. but none of it would have any negative effect but even positive effects.

Quote from: Ziskinberg on November 03, 2016, 10:06:18 PM

~~
What I am afraid of to happen, is the time will come that our transaction will be tax..

transactions will never have taxes!
taxes will be paid when you buy something or sell something or in other words when you are doing business , it is the same taxes you pay when you buy with fiat.

harizen

legendary

Activity: 3122

Merit: 1398

For support ➡️ help.bc.game

Quote from: Ziskinberg on November 03, 2016, 10:06:18 PM

There's a regulation that is already functioning for the exchange sites, like in my local exchange,we were required to comply with he KYC Policy and fill up all the information that is necessary. With that rules, we have no choice but to follow and i guess it's just fine because exchange sites are legitimate and they are operating with the license granted by the government.

What I am afraid of to happen, is the time will come that our transaction will be tax..

And that is already implementing here in my country as well.

It's not that they have no choice but it's really a must if a legit company will comply to the rules and regulations under the anti-money laundering act of a certain country since they are involved in money transfers. Just fine with me and I see no wrong if ever some of my information will be on hand.

About the tax, it's already there in a different form. You can obviously see that in their given exchange rates.

Zadicar

legendary

Activity: 1386

Merit: 1020

DGbet.fun - Crypto Sportsbook

Quote from: Ziskinberg on November 03, 2016, 10:06:18 PM

There's a regulation that is already functioning for the exchange sites, like in my local exchange,we were required to comply with he KYC Policy and fill up all the information that is necessary. With that rules, we have no choice but to follow and i guess it's just fine because exchange sites are legitimate and they are operating with the license granted by the government.

What I am afraid of to happen, is the time will come that our transaction will be tax..

We cant do anything about that because its been required by the government and exchangers would have no choice but to follow same as you mentioned. Its somehow a good move for exchangers to be registered or legalized because we could assure ourselves on the legitimacy of a certain sites. You said that you were afraid to put or impose taxes on our bitcoin , its an impossible thing to be happen for sure.

Topic: possible government regulations? - page 12. (Read 9455 times)